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STOCKHOLDERS' EQUITY (Tables)
3 Months Ended
Mar. 31, 2014
Equity [Abstract]  
Schedule of assumptions used in the Black-Scholes Model of stock options

The assumptions used in the Black-Scholes Model during the three months ended March 31, 2014 and year ended December 31, 2013 are set forth in the table below.

 

  

Three Months

Ended

March 31,

2014

   

Three Months

Ended

March 31,

2013

 
Risk-free interest rate   1.70-1.75%    0.77-0.81% 
Volatility   69.15-70.76%    43.01-44.94% 
Term (in years)   5.5-6.25    5.5-6.25 
Dividend yield   0.00%    0.00% 
Schedule of Option activity

A summary of activity under the LTIP and 2012 SOP and related information follows:

 

   Number of Shares Underlying Stock Options    Weighted Average Exercise
Price
    Weighted
Average
Remaining
Contractual
Life in Years
    Aggregate Intrinsic
Value
 
Balance at December 31, 2013   15,632,742   $1.44    7.2   $58,878,132 
   Granted   970,000   $5.05    9.8   $1,219,000 
   Exercised   (90,303)               
   Expired   —                  
   Cancelled   (1,433)               
Balance at March 31, 2014   16,511,006   $1.66    7.4   $76,762,626 
Vested and Exercisable at March 31, 2014   11,397,538   $0.96    6.2   $60,999,179